Finance Questions

Archive for May, 2005

Question: How can I get a Career In Finance?

I graduated from the Robert H. Smith School of Business from the University of Maryland with a degree in finance and international business. I began a career in sales(real estate) soon after graduation but I know this is not what I want as a career. Every time I look for a finance job, however, I never seem to have enough experience. I am a recent graduate and dont have finance experience besides my school experience. What can I do to change this or where else can I look???? Thanks!!

Answer: The financial center of the United States in NYC. If your willing to relocate you can easily break into the banking/finance world.
Also critical are your specific goals. Are you looking for a salary or commission work? Big money or stability? These questions are vital. I get a million calls on my resume to pursue financial sales. More stable career driven jobs are much more difficult to come by.
You need to network with people working in the industry, go to career fairs, send out as many resumes and customized cover letters as possible and most importantly do not give up. Persistence is key.

If you do get an interview always immediately send a thank you letter to your interviewer and keep your options open. If you are turned down your positive outlook may land you another position that becomes available. Employers hire for attitude and train for skill. Always keep that in mind.

Your qualifications are good, you should be able to land an entry level job with a large banking firm. It man not be your ideal job at first but large employers like JPM or Citi will give you plenty of flexibilty once you prove yourself.

Finance Manager Jobs Opportunities, Finance Manager Jobs – Hound.com

Question: HAS ANYONE HAD ANY MORTGAGE PROBLEMS WITH CHASE Home Finance?PLEASE TELL ME YOUR STORY.?

MINE IS HORRIBLE.

Answer: No, but I had a credit card with them and they totally screwed me over! I hate that company and will never do any business with them ever again!

Meant to explain, but got fired up! Anyway… had a credit card with about 10k on it from our wedding and when we bought a house they jacked the interest up to 30% from 5%!!! They said we were a greater risk.

Max B – Chase You Home

Question: Are you able to cancel your Car Finance after a year?

I signed a 5 year contrat for my Car Finance but I have only had it for a year, now my circumstances have changed and I now cannot afford my finance, what can i do? My finance is with carcraft.

Answer: If the finance is a ‘Regulated Hire Purchase’ agreement, then the Finance Company actually own the car until the very last £ of the contracted payments are paid. Therefore you cannot legally sell it yourself if a shortfall will remain.

As it is so early in the term of the 5 year agreement, there will undoubtedly be a fairly large difference (shortfall) between the actual second hand resale value of the car (i.e what you can get for it if it is sold) and the balance of the remaining finance.

You need to contact the Finance Company IMMEDIATELY. They are not normally OGRES, and if you explain the situation, and it is only a tempoary financial blip, they will be more than accommodating. They would rather reschedule an agreement than have to reposess the car.

If it is a case that you have a serious long term problem, then you will probably be better to cut your losses and give the car back. If the agreement was regulated by the ‘Consumer Credit Act 1974′, then you will have the option to Voluntarily Surrender the car back to the Finance Company. If you do this, you simply write them a letter stating your wish to surrender the car. The date of the letter is the date to which the Finance Company recalculate an ‘early settlement figure’, and this amount will be your final liability to the company.

They will sell the car for as much as they can get through specialist large auctions, and it should get ‘Trade’ value of the car. It is in their interest to get as much as possible for the car, as they ideally want to recoup as much of the debt in one lump sum. The difference between what the car sells for, less costs incurred in selling it, and the ’settlement figure’ is what you will still be liable for.

If you still owe anything, don’t worry, as that amount will be now an unsecured debt, and you will be able to negociate an affordable amount to pay weekly/monthly, eg £5.00/week, depending on your overall finances.

SURRENDERING your car under the terms of the agreement that actually allows this option, is nowhere near bad as if you let payments default and have it REPOSESSED, as in that case you would be liable for the FULL balance you would have paid upto the end of the 5 years, instead of the early settlement amount. To avoid nosy questions from neighbours or relatives, you could always say you sold the car, or that it was faulty and you demanded they take it back etc?

People answering above have wrongly suggested struggling on with things, or default and let them REPOSESS, but if your financial situation has changed, you have to be realistic and take immediate steps to adjust your expenditure. The fact that you have asked this question is great, as it shows that you are not the type that buries your head underneath a ton of unopened brown letters!

Cut out the large monthly payments you were paying them, give the car back and get a few hundred £ together, if you can, to pick up a cheap little runner if you really need a car.

You don’t need the added stress of being chased for payments you can’t afford.

One final option that depends of your situation, is you may be able to arrange a loan from family or a bank or use a credit card to raise funds to clear the finance (Get an early settlement figure from the company). You could then keep the car and pay this ‘unsecured’ loan over a longer period/ lower monthly rate, but seriously NOT the best option! You will be adding interest onto interest at a very high rate! As you opted to have it on a 5 year term, I would guess you already were stretching yourself on the monthly repayments to afford a more expensive car?

I worked for the TSB in their Car Finance dept for 6 years, dealing with defaulting customers and dealing with surrendered and reposessed cars all lhe time, at the height of the early 90’s Housing Crash.

Read the credit agreement you signed, as it will lay out your options and give the Finance Company a ring NOW and they will be VERY sympathetic and advise you on all your options in more detail!

Good luck.

Oklahoma City Car Finance for Bad Credit

Question: Can an Auto Finance Company report your car as stolen if you are behind in payments?

A friend of mine is at least 3 mths late on his car note (Capital One Auto) he’s trying to hold on to the vehicle as long as he can until he can buy another one. I am telling him to turn the car in because it might be reported as stolen. Is this correct?
Ok so I was wrong, but if he is every pulled over by a cop for maybe a simple traffic violation, would they know he’s behind on his payments and take the car and give to Capital One Auto anyway?

Answer: if there is no contact with the finance people, it could very well be done that way.But I wiuld think, it would be on them, since the police must follow the law..meaning if they ask for the title and he produces it, in his name, then there isn’t much the police can do..
Then along comes the repo man, he hooks up to the car and tows it away, , by law they are allowed to do that..

corporate auto financing

Question: Should the US government lend more than half a billion dollars to a foreign hybrid manufacturer?

http://online.wsj.com/article/SB125383160812639013.html?mod=wsj_share_digg

Gore clearly sees this as well-spent money to fight global warming. According to the Wall St. Journal he’s already placed his order for one of these high priced luxury autos.

Is this helpful in the fight against ‘global warming’, or even wise considering the current economic crisis…or do you think the money would have been better spent financing American builders of far less expensive hybrids?
Dana: No, Gore’s not the main reason I’m questioning the deal. It’s because these new cars will be built in Finland, not the USA. There’s the likelihood that cars will eventually be built in the US, but that’s not certain.

Answer: No

The money would have been better spent on fleet vehicles power by battery and used by the governent.

Postal vans

small cars used by the military and the agencies, and the Park Service, etc.

Interchangeable batteries changed out on a fleet service basis is the way to bring the electric car into use, not the privileged class running individual cars with no hookups to charge them.

The richie richies will do the Tesla/Fiskar fad for 2 years then move on when they see how impractical it is for them.

The electric car movement will suffer a huge setback.

No probs with dropping a billion of electric cars, but why not do it right?

Is all policy made in Washington stupid?

Is it something in the water there?

American Auto Auction – Finance